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Natural Gas Falls Off a Four-Month High Even as Hot Forecasts Offer a Demand Boost

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Natural gas prices fell off a four-month high early Monday as long-term forecasts see hot weather on the way, but supply is robust.

Gas for July delivery was last seen down $0.07 to US$3.22 per million British thermal units, after rising to the highest since Feb.5 on Friday.

The drop comes as long-term forecasts from the National Weather Service expect all states to see hotter than seasonal temperatures over its eight to 14 day forecast, offering a boost to cooling demand.

However supply remains robust, with the Energy Information Administration last week reporting stocks of the fuel stood at 2.48-trillion cubic feet, 6.2% above the five-year average.

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